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European Metals

FIA's Metals Working Group comprises individuals from members who undertake regulated business in metals or metals-related futures, options or other derivatives, which are traded on or under the rules of a regulated market or MTF.

The monthly Working Group addresses all aspects of European and international regulatory policy, which affects the metals derivatives markets. This includes:

monitoring, considering and commenting on the impact of directives, statutes, laws, rules, regulations or recommendations within the current regulatory framework;

discussion and analysis of practical compliance issues surrounding new regulations;

reviewing and providing input into FIA papers, including responses to, as appropriate, the European Commission, ESMA, HM Treasury, the FCA, particularly in relation to consultation papers issued by them, and to other organizations as may be relevant to the purposes of the Working Group.

In recent months, we have explored the implementation of MiFID II (on ancillary activities, position limits and position reporting), the Benchmark Regulation, the Market Abuse Regulation and the LME Accountability Levels. The London Metals Exchange periodically attends meetings to introduce new projects and changes to the LME Rules and to answer queries participants may have.